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The stockmarket tends to be roughly efficient, meaning that most stocks trade somewhere around fair value most of the time. The market occasionally gets it very wrong across the board, when in panic or euphoria. More frequently, it misjudges the underlying value of an individual stock. Oftentimes, this happens because the market fails to see substantial hidden value. A value investor can do very well by developing a nose for sniffing out such hidden value.

When GPG reverts to being just Coats is it likely to give up its ASX and NZX listings to be solely listed in the UK? If so, that is another factor to include in any selling criteria for those not wanting to own stocks listed overseas.

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